Tariffs with Canada, again

**SPEAKER_1** (0:00)
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**Kimberly Adams** (0:31)
The Trade War with Canada is back on.
From Marketplace in Washington, I'm Kimberly Adams. Over the weekend, trade talks between the United States and Canada fell apart, and the US imposed 50% tariffs on $20 billion worth of Canadian imports. Here's Julia Coronado, founder and president of MacroPolicy Perspectives, with more.

**Julia Coronado** (0:53)
The new feature here is also that there's gonna be some retaliation on the Canadian side, and one of the reasons that the trade war hasn't been more disruptive to date is that most countries have chosen not to retaliate, but we're actually seeing some retaliation from Canada, which means there's gonna be impacts on US exporters as well.

**Kimberly Adams** (1:16)
We are going to see the personal consumption expenditures price index out later this week. It's the Fed's preferred measure of inflation. What are you going to be looking for in that report when it comes out?

**Julia Coronado** (1:27)
Well, we already know a lot of the inputs that go into that measure, and we know with pretty high degree of confidence that it's going to remain elevated. So there's been some relief on inflation in the last couple of months, but generally speaking, we're tracking still close to 3% inflation by the Fed's preferred measure, and that's a good percentage point above their target. So not great news for the Fed.

**Kimberly Adams** (1:53)
Well, economist Julia Coronado, founder of MacroPolicy Perspectives. And a new report is shedding some light on where the Treasury Department may be getting the money to fund its big bond buybacks. The bond purchases were announced last week, but Treasury didn't say much about how the process would work. Marketplace's Nancy Marshall Genzer has more on this.

**Nancy Marshall-Genzer** (2:11)
The Treasury Department is roughly doubling the amount of longer-term US bonds it's buying from $2 billion per issue to at least $4 billion. This starts September 9th. The idea is to reduce the supply of Treasury bonds pushing down interest rates. But the money for this has to come from somewhere. Now CNBC is reporting that the Treasury General Account could be used to foot the bill. It's kind of a rainy day fund. The account is at almost a trillion dollars right now. Treasury Secretary Scott Vesson has been building it up. CNBC quotes senior Treasury officials as saying funds in the Treasury General Account are considered to be available. But the officials would not say how much of the account could be used for bond buybacks or when any announcement on this could be made. I'm Nancy Marshall-Genser for Marketplace.

**Kimberly Adams** (3:01)
Marketplace reached out to the Treasury Department to confirm CNBC's report, but we haven't heard back yet.

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**SPEAKER_1** (4:33)
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**Kimberly Adams** (5:04)
Two news items caught our eyes here at Marketplace about employer-based insurance coverage for GLP-1s, the popular and expensive drugs for treating diabetes and obesity. First, the insurer Cigna reported that 6% of large employers dropped coverage of GLP-1 drugs for weight loss in 2026